CHART OF THE DAY: From First To Last, And Last To First

The S&P 500, which climbed 30% last year, actually set a new all-time high of 1,897 on April 4 before turning red for the year.

But on the more extreme ends of the market, we are seeing the winners lose and the losers win.

"Japan is the worst performing major equity market this year after being the best last year," noted Deutsche Bank analysts in their new House View report. The Nikkei climbed by 57% in 2013.

"Gold has performed this year after falling nearly 30% last year," they added. While off of its high, gold is up by around 9%, making it one of the best-performing commodities

"Everything that was in vogue in 2013 has been sold thus far in 2014," observed Pension Partners' Charlie Bilello. "That group includes U.S. stocks (SPY, IWM) and Bitcoin. The sectors and industries that were most loved, including the Biotechs (XBI), Consumer Stocks (XLY), and Social Media Stocks (SOCL), have sold off the hardest."